Daily Pivots: (S1) 0.6506; (P) 0.6534; (R1) 0.6559; More...
Intraday bias in AUD/USD remains neutral for the moment, and some more consolidations would be seen below 0.6563 temporary top. Near term outlook will stay bullish as long as 0.6372 support holds. On the upside, above 0.6563 will resume the rally from 0.51913 to 0.6713 fibonacci level.
In the bigger picture, there is no clear sign that down trend from 0.8006 (2021 high) has completed. Rebound from 0.5913 is seen as a corrective move. While stronger rally cannot be ruled out, outlook will remain bearish as long as 38.2% retracement of 0.8006 to 0.5913 at 0.6713 holds. Nevertheless, considering bullish convergence condition in W MACD, even in case of another fall through 0.5913, downside should be contained above 0.5506 (2020 low).
